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• Hyper growth market NFT on social media
• NFTs on Instagram Marketplace
• Mass suitability of NFTs
Numerous platforms such as eBay or Snap are trying to integrate digital assets into their services in one way or another. For example, Twitter Premium members can present NFTs in the profile picture function as a hexagonal profile picture. The Twitter account is linked to the public crypto wallet address and can be viewed in the public blockchain.
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However, according to a study by Deutsche Bank on March 29, Instagram could make non-fungible tokens (NFTs) mainstream. According to the study cited on coindesk, the adoption of NFTs on social platforms has great potential.
Meta: Instagram with NFT marketplace
As Mark Zuckerberg announced to Bloomberg in mid-March in an interview on the sidelines of the South by Southwest conference, he wants to use Meta Platforms (formerly Facebook) to integrate NTFs on Instagram and thus integrate the digital assets into the mass market. Meta will simplify trading in NFTs on its Instagram platform and make it widely accessible.
Deutsche Bank estimates the net revenue of an NFT marketplace on Instagram at US$8 billion annually and sees the overall NFT market as a “hypergrowth mode” with a potential total volume of over US$1 trillion. Last year, a transaction volume of 25 billion US dollars was recorded with a 250-fold increase compared to the previous year.
Colin Fitzpatrick, founder and CEO of NFT startup Animal Concert, believes Instagram can take NFTs mainstream. At the same time, he warned Blockworks about Meta’s appropriation of the digital assets: “Responsibility will rest on the shoulders of the NFT community to ensure that Meta behaves fairly and does not seek to monopolize profits and a supposedly democratic industry.” said Fitzpatrick.
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